See how we can help

Get started online

£20,000 mortgage repayment example

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 5, 2023

Fact Checked By:
David Nicholson - Finance Editor

£20,000 mortgage repayment example

Do you want to find out the monthly mortgage repayments for a £20,000 mortgage?

Start your application below to get a £20,000 mortgage:

Get started online


Example calculations on a £20,000 mortgage

A mortgage repayment calculator is available to give you estimated monthly payment costing.

However, it is more helpful to speak with our mortgage brokers, who can give you the best advice, interest rates and mortgage deals.

These tables display payments for £20,000 mortgages and up to £30,000 on different terms.

How much of your salary can you borrow to pay for it?

You can borrow 4.5 times your salary. However, this will vary from lender to lender. While some mortgage lenders will use your income multiples to determine the maximum amount they can lend, others prefer to assess your application.

Other factors could affect your affordability, such as your deposit amount, credit rating, outgoings, age, and type of employment.

Use our mortgage affordability calculator to find out how much you can borrow. It is based on average income multipliers. Contact us today for the best mortgage deal and get advice on a mortgage application.

We are expert mortgage brokers

We have access to over 200+ lenders in the UK to get you the best rates

Get your Quote


What is the minimum amount of loan you can borrow?

While many lenders have set the limit at £25,000 for lending, others will lend less. At Loan Corp we can help you get approved for the best mortgages available to you.

There may be other options for lending if you need to borrow money to finance a renovation or purchase of a property at auction. Most lenders advertise various mortgage options.

How much deposit is required to get a £20,000 mortgage?

A deposit may not be necessary for a small mortgage or loan. You may not be required to provide a deposit if the loan amount is less than £25,000.

Most lenders will consider your property value if you are looking for a loan to help raise funds to purchase a more expensive house.

What is the cost of a personal loan for £20,000?

Personal loans can be obtained for up to £25,000 for a maximum term of 7 years, with variable rates that range from 5% to 50%, depending on your credit score.

What is the cost of a £20,000 secured mortgage?

Although secured loans have higher repayment rates than mortgages, they are still more affordable than personal loans with higher interest rates.

Personal loans are less risky than mortgages, and those with lower credit scores or equity in their homes may find them more attractive. The rates are also typically lower.

We can help you if you aren’t sure or want some free, no-obligation advice about how to get a loan instead. We are here to help in any way you need.

Get started online


Reasons why you may fail a new mortgage application:


Any debts you have on credit cards, store cards, car loans, or any other type of loan or personal circumstances will be considered when you submit your application.

A mortgage provider may consider you a high-risk applicant if you have significant debt. This could make it difficult for you to repay your mortgage term.

They will consider other factors, so even if you have debts, your mortgage application may still be approved as long as you can afford the mortgage loan.


A mortgage provider will consider your income when deciding whether you can pay the monthly mortgage payments over the repayment term. They will look at your income and all outstanding debts to determine if you can afford the mortgage loan.

Many mortgage companies offer online calculators that can show you how much money you can borrow based on your earnings.

If you apply for a mortgage with a maximum loan limit of £250,000, but the calculated loan limit is £220,000, your application will be rejected.

Rating and financial history

It is a good idea for anyone applying for a mortgage or other large loans to review their credit history. Experian can help you make final checks on your credit report to make sure that you are aware of your financial situation.

Equifax, Experian, and TransUnion are the three major credit reference agencies that provide information to mortgage lenders and most banks.

Your ability to obtain a quick mortgage approval will be affected if you have missed any payments, defaults, CCJs, or other negative credit issues in the past six years.

It will increase your chances of getting approved for a mortgage if you spend at least six consecutive months improving your credit score.

Financial association

If someone has a poor credit record, their past and current financial connections can significantly impact their credit rating.

Make sure you’re on the Electoral Roll.

Apply immediately if you have not yet been added to the electoral roll. Most lenders use it to verify that your address matches the official record.

If you’re not, this could also lower your credit score. This information could be used to deny your mortgage application and should be done as registration on the electoral roll is free.

Wealthy, but cash is tied up with assets.

Sometimes, people find themselves in a financial predicament where their assets are insufficient to cover their income.

They might have a high-value home but insufficient income to justify a mortgage.

Take a look at other mortgage repayment examples:

Next steps on getting your £20,000 mortgage hassle-free?

Contact us below now to get free mortgage advice and the best rates on £20,000 mortgages:

Get started online